USD/JPY approaching key supports

By FXstreet.com | July 08, 2014 AAA

FXStreet (Guatemala) - USD/JPY is trading at 101.50, down -0.07% on the day, having posted a daily high at 101.62 and low at 101.45.

With the Nikkei opening down, -0.78%, USD/JPY trades in a tight range here and comes with a bearish bias still. The pair has continued to extend the downside and is approaching the bottom of the sideways channel and support lines created at the beginning of the year.

USD/JPY data

From the calendar, besides a string of second tier data from Japan, in the US we have the latest set of Fed minutes. Analysts at Rabobank explained that the key issue will be whether dovish messages are maintained, or if we see a suggestion that recent acceleration in the labour market (and possibly heavily-camouflaged concerns about financial market/asset bubbles) are prompting the Fed to consider bringing forward its proposed rate-hike schedule.

USD/JPY Levels

Current price is 101.50, with resistance ahead at 101.53 (Weekly Low), 101.58 (Daily Open), 101.62 (Hourly 20 EMA), (Daily High) and 101.66 (Daily Classic PP). Next support to the downside can be found at 101.49 (Yesterday's Low), 101.45 (Weekly Classic S1), (Daily Low), 101.40 (Daily Classic S1) and 101.33 (Monthly Low).

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